BHP Group Ltd (ASX: BHP) shares are marching higher, up 2.1% in Monday morning trade.
Shares in the S&P/ASX 200 Index (ASX: XJO) iron ore giant closed on Friday trading for $43.25. At the time of writing, shares are swapping hands for $44.17 apiece.
This comes amid a broader market rally that sees the ASX 200 up 1.2% at this same time.
Here's why BHP shares are posting twice those gains today.
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What's piquing ASX 200 investor interest?
Investors look to be bidding up BHP shares following a 2% lift in the iron ore price. The industrial metal has climbed back into the three-figure range, currently trading for US$104.15 per tonne.
While BHP generates significant revenue from copper and coal, iron ore remains its number one revenue earner.
The iron ore price slipped below US$100 per tonne last week amid a weaker demand outlook from China's steel factories. But the industrial metal is rallying as the Chinese government eyes new stimulus measures to revive its flagging, steel-hungry property sector.
BHP shares are also listed on a number of exchanges outside of Australia. And the miner posted big gains on all of these in Friday trading (Friday night Aussie time).
In the United States, for example, BHP stock closed up 4.1% on NYSE on Friday.
How have BHP shares performed longer term?
BHP shares are down 4.8% over the past 12 months. Of course, that's not including the ASX 200 miner's two juicy dividend payouts. Throw those in and the stock's accumulated value is up 3.6% over the full year.
